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Binance Removes Terra Classic Perpetual Futures Contract

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On Thursday, June 1, Binance announced its plans to delist and upgrade the margins and leverage for the USDⓈ-M 1000LUNCBUSD Perpetual Contract.

This move by Binance is quite surprising and can lower the entire trading volume of Terra Classic (LUNC) on the cryptocurrency exchange.

Meanwhile, users are asked to close up any open positions before the delisting process to prevent automatic settlement.

Binance Upgrades to 1000LUNCBUSD Perpetual Contract

The official press release on June 1, mentioned Binance’s delisting plan and time.

According to it, USDⓈ-M 1000LUNCBUSD Perpetual Contract will be delisted by June 8 around 09:00 UTC.

Automatically, the exchange will shut down every position and settle the 1000LUNCBUSD perpetual contract.

In addition, Binance has revised margins and leverages for the USDⓈ-M 1000LUNCBUSD Perpetual Contract starting today June 1.

Following that, the users are advised to adapt to the position and leverage.

That way, they can prevent any possible liquidation which is linked to the 1000LUNCBUSD Perpetual Contract.

It is quite significant that Binance minimized leverages for positions with a notional value of 0 to 100,000 BUSD.

Users who are trading USDⓈ-M 1000LUNCBUSD Perpetual Contract with 0 to 5000 positions are not affected.

Moreover, the leverage was lowered to 9-10x from 11-20x.

READ ALSO: The Former SEC Chief Threats to Crypto Influencers

According to Binance claims, the upgrade will safeguard users and limit potential risks amid unstable market conditions.

The crypto exchange promises that more protective measures will be applied to the USDⓈ-M 1000LUNCBUSD Perpetual Contract.

This includes; adapting the highest position value, leverage value, and upgrading funding rates.

Will Terra Classic LUNC Price Experience Selloff?

The Terra Classic will pass through major changes this June.

The changes include a CosmWasm v2.1.0 parity upgrade by core developer Edward Kim’s AI app chain “Block Entropy”.

However, the developer Joint L1 Task Force, validator commission fees, and burn rate are also included.

All these changes will likely increase LUNC prices after this June.

Meanwhile, the price of LUNC has jumped by 2% in the last 24 hours with a trading price of $0.000085.

The high and low for the past 24 hours are $0.0000851 and $0.0000829 respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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